JB Straubel's battery recycling business has raised $1 billion in series D venture funding
The company takes spent electric vehicle batteries, breaks them down, and uses the metals from them —including nickel, copper, cobalt, and lithium — to produce new components that can go into electric vehicle batteries.
While Redwood initially focused on recycling, it also engages in refining and remanufacturing, and adds what it calls sustainably mined materials into its products as needed, Straubel told CNBC earlier this year.from the Department of Energy. It plans to use its funding to expand operations in the U.S. including in and beyond its base in Carson City, Nevada, and has announced plans to build a Battery Materials Campus outside of Charleston, South Carolina.
Fossil fuels are the dominant form of energy utilized in the world today, and account for a majority of man-made CO2 emissions and other toxic air and particle pollutants that are driving climate change and its effects, including more frequent, more extreme weather events.
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